The average first-time buyer (FTB) needs a household income of £60,600 to get on the property ladder, the equivalent of two average UK salaries, according to analysis by Zoopla.
The analysis is based on the average asking prices of homes for sale on Zoopla, based on what FTBs are looking to buy.
FTBs need to earn almost £15,000 more per year, which represents a 32.6% increase, compared to five years ago, largely a result of higher prices.
In addition, the analysis found FTBs need to earn £2,400 more compared to one year ago to purchase their first home.
This figure is higher than both inflation and house price growth.
Analysis shows that the income needed to buy is the lowest in northern England and Scotland, where the average FTB household needs to earn less than £40,000.
Buyers in London need the highest income at £103,000 as an FTB.
Zoopla senior property researcher Izabella Lubowiecka says: “The challenges facing FTBs are not the same across the UK. Access to homeownership requires lower incomes in much of Wales, northern England and Scotland.”
“The greatest challenges are in southern England, especially London where FTBs are already buying cheaper homes than the average in an effort to try and improve affordability”.
